New Delhi: Vijay Mallya, the king of good times and the promoter of Kingfisher Airlines (KA), is in for more trouble. The Central Board of Excise and Customs (CBEC) has taken a legal opinion to drag the owner of the ailing airline to court, and seek his prosecution for failure to clear Rs 76 crore as service tax dues.
The CBEC froze Kingfisher's 40 bank accounts in February . The prosecution proceedings would begin once the March 31 deadl-ine expires. S K Goel, chairman of CBEC, said that though Kingfisher Airlines had deducted service tax from passengers, it did not deposit the sum, in a breach of norms.
The rule stipulates that if a person fails to deposit tax deducted at source for a period exceeding six months, the offender can be prosecuted and even face a jail term of up to three years.
18/03/12 Economic Times
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